Friday, March 12, 2010
Tips For Entrepreneurs Interested In Buying A Restaurant Franchise
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Today's difficult economy has created the largest group of career-changers in history. If you are such an individual, you may have considered the possibility of opening a restaurant franchise. Investing in the right food-related franchise can help you to not only "stay afloat," but thrive!
You will be creating a family-owned business that is challenging and that will also put you firmly in control of your financial future.
Choosing your restaurant type
Studies show that the fastest-growing segment of the restaurant industry is "fast casual." People are looking for a comfortable, family-friendly sit-down experience that is a level above traditional fast food outlets. They want healthier food and a cozy atmosphere while still enjoying the fiscal benefits of low prices. Don't overprice yourself out of the market: remember, times are tough and families want to save.
Get your finances in order
Franchise restaurant opportunities require a substantial upfront investment, more so than standard "boutique" franchises like national cookie companies or frozen yogurt outlets. You should count on having at least 500,000 dollars in liquid assets to invest. Some cost more, and some cost less: be realistic about what's right for you and what you are comfortable with.
Only work with an established, professional franchise
There are lots of restaurant franchise opportunities out there, and not all of them are supportive. You should choose a franchise with an impeccable reputation for excellence, and whose franchising team provides the highest levels of support. How do you measure that support? Look for the following:
--The franchise should offer a virtually turn-key business, managing all aspects of getting you started.
--It should provide you with a detailed step-by-step plan from initial meeting and contract signing to training programs, grand opening, and ongoing marketing strategies and support.
--The franchise support team should be comprised of individuals whom you trust. After all, you will be working close together to make your enterprise a success. The team should treat you with respect and utmost professionalism. It's your money, so trust your gut: if it doesn't feel right and you're not confident in the support team, don't do it.
Be wary of unreasonable royalty fees
Franchisers are in business to make money: just like you are! But you shouldn't have to pay through the teeth for the privilege of owning your franchise. A reasonable yearly rate should be about 5 percent of gross sales with perhaps an additional 1 percent to contribute toward marketing costs.
The right food franchise will be successful no matter what the economy is doing: just be sure to choose wisely.
About the Author
Cromwell Corp (http://www.grainsofmontana.com/franchising.asp) Bring Farm-Fresh Goodness To Your Hometown With a Grains of Montana Franchise restaurant opportunities.
Distributed by Content Crooner
You will be creating a family-owned business that is challenging and that will also put you firmly in control of your financial future.
Selecting your restaurant franchise is the most important part of your process of reinvention: here are some tips for entrepreneurs.
Choosing your restaurant type
Studies show that the fastest-growing segment of the restaurant industry is "fast casual." People are looking for a comfortable, family-friendly sit-down experience that is a level above traditional fast food outlets. They want healthier food and a cozy atmosphere while still enjoying the fiscal benefits of low prices. Don't overprice yourself out of the market: remember, times are tough and families want to save.
Get your finances in order
Franchise restaurant opportunities require a substantial upfront investment, more so than standard "boutique" franchises like national cookie companies or frozen yogurt outlets. You should count on having at least 500,000 dollars in liquid assets to invest. Some cost more, and some cost less: be realistic about what's right for you and what you are comfortable with.
Only work with an established, professional franchise
There are lots of restaurant franchise opportunities out there, and not all of them are supportive. You should choose a franchise with an impeccable reputation for excellence, and whose franchising team provides the highest levels of support. How do you measure that support? Look for the following:
--The franchise should offer a virtually turn-key business, managing all aspects of getting you started.
--It should provide you with a detailed step-by-step plan from initial meeting and contract signing to training programs, grand opening, and ongoing marketing strategies and support.
--The franchise support team should be comprised of individuals whom you trust. After all, you will be working close together to make your enterprise a success. The team should treat you with respect and utmost professionalism. It's your money, so trust your gut: if it doesn't feel right and you're not confident in the support team, don't do it.
Be wary of unreasonable royalty fees
Franchisers are in business to make money: just like you are! But you shouldn't have to pay through the teeth for the privilege of owning your franchise. A reasonable yearly rate should be about 5 percent of gross sales with perhaps an additional 1 percent to contribute toward marketing costs.
The right food franchise will be successful no matter what the economy is doing: just be sure to choose wisely.
About the Author
Cromwell Corp (http://www.grainsofmontana.com/franchising.asp) Bring Farm-Fresh Goodness To Your Hometown With a Grains of Montana Franchise restaurant opportunities.
Distributed by Content Crooner
Labels: best franchise, buying franchise, entrepreneurs franchise
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